Suppose that a firm operating in perfectly competitive market sells 100 units of output. Its total revenues from the sale are $500 . Which of the following statements is correct? (i) Marginal revenue equals $5. (ii) Average revenue equals $5. (iii) Price equals $5

Refer to Figure 1-5. Calculate the area of the triangle A

A) $8.4 million B) $6.3 million C) $3.15 million D) $2.1 million

Laura's Pizza Place incurs $800,000 per year in explicit costs and $100,000 in implicit costs. The restaurant earns $1.3 million in revenues. Based on this information, what is the accounting profit for Laura's Pizza Place?

A) $200,000 B) $400,000 C) $500,000 D) $900,000